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9 Financial Benefits of Re-Investing Your Tax Returns with an Eligible Funeral Arrangement

Do you receive a tax refund? If yes, you may be wondering how to best optimize your hard-earned money in a way that is both meaningful and financially sensible for you and your family. Why not have your money work hard for you by prepaying your future funeral arrangements? The best way to do this is by using all or part of your tax refund to set up an Eligible Funeral Arrangement. 

What is an Eligible Funeral Arrangement 

An Eligible Funeral Arrangement (EFA) is a fully prepaid or partially prepaid eventual funeral arrangement that you set up with a licensed Funeral Home and a licensed Funeral Director. 

Financial Benefits of an Eligible Funeral Arrangement 

The financial advantage of prepaying funeral arrangements is that your money is: 

  1. Always invested under your name 
  2. Your funds are insured up to $100.000.00 
  3. Your funds earn tax exempt 1.75% interest 
  4. There are no medical questions asked 
  5. It is easy to enroll 
  6. It is simple process 
  7. It is a loving gift to your family 
  8. You are in full control of your money and your wishes 
  9. You lock in the future price of the funeral and any inflationary risks rest with the funeral home, not your family.  

Why is This a Good Idea? 

Eventually, we will all need to have some type of funeral to celebrate our life. Don’t leave your family a huge funeral tab. Instead, leave them with a solid plan for how you want your life to be celebrated.  Your loved ones will be both relieved and grateful that you already have a plan in place for them to follow – completely free of financial strain or burden. Show your family how much you truly care, even after you’re gone.  

I would love to hear from you and help get the conversation started.  You can connect with me via email or telephone, leave a comment here on the site or click the contact tab at the bottom of the screen if you are reading this post on the website. Don’t forget to join the conversation on Facebook and Twitter too. 

Until next time, 

Kat 

Katherine Downey is the #1 Funeral Preplanning Professional in Canada for the fourth time. She is a professional educator, author, licensed funeral director and insurance advisor. Not only is she a Certified Professional Consultant on Ageing and an Executive Advisor, but she is compassionately understanding.  To set an appointment or have your questions answered, please contact Kat directly.  

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What Happens to One’s Social Media & Digital Footprint When They Die?

Last year a colleague died suddenly and tragically.  It was a tremendous shock to the community and people showed up in droves to pay their respects.  Last week a request to endorse this person popped up on LinkedIn and I was immediately thrown right back to last year.  This left me thinking about what is the best way to handle a deceased person’s presence on social media?  What will happen to their social media accounts and digital footprint in general? Read more

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Do I need a Casket, a Container, a Coffin…?

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Have you asked the question – do I need a casket, a container or a coffin? Did you know that when an individual wants to be cremated, buried or entombed, by law the body must be in a casket or container?

A coffin is rarely used in Ontario and differs from a casket. A coffin is 8 sided and usually made of wood (see right). It is more common to see coffins used in Europe rather than Canada.

For earth burial many people are familiar with the casket (pictured above) being lowered into the ground. A casket is a 6 sided container made of particle wood with a felt cloth covering, a mix of particle wood and solid woods, soft woods, hard woods or metal. The range in price of a casket can vary widely from $500.00 to over $10,000.00. Read more

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Process for Assessing & Collecting Ontario Estate Administration Tax

Ontario Estate Administration Tax

In the 2011 Ontario budget, the Ontario government indicated that they would tighten the probate filing rules to enhance compliance by transferring administration of the Estate Administration Tax from the Ministry of the Attorney General to the Ministry of Revenue and Finance. This change received royal assent in 2011 and was announced in force January 1st, 2015. Effective January 1st, 2015, the Ministry of Finance now has a more defined process for assessing and collecting the Estate Administration Tax (EAT). Read more

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Ontario Estate Administration Tax Filing Rules

prepaid funeral plans Mississauga Oakville

In our last blog we spoke about Ontario Probate becoming the Estate Administration Tax, the Certificate of Appointment of Estate Trustee and the importance of this certificate to confirm the appointment of an Estate Trustee. This certificate authorizes the Estate Trustee to work on behalf of the deceased and start the process of closing the estate. Further to this, effective January 1, 2015, the Ontario Ministry of Finance implemented new Estate Filing Rules for people acting as an Estate Trustee in Ontario, for estates valued at greater than $1,000.00. Read more

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Pre-paid Funeral Plan – Will I Get What I Paid For?

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During a recent presentation to a Lions Club a lady asked me “How do I know that the prepaid funeral will actually give me what I paid for – not something cheaper in the end?” When people have the courage to preplan and prepay their eventual funeral arrangements, they enter into a contract with the Funeral Home and a licensed Funeral Director. The binding legislation for the profession is the Funeral, Burial and Cremation Services Act. In this legislation, it is mandated that every funeral home must have a current price list, and all goods and services must be itemized on the prepaid funeral contract – exactly as these items are listed in the price list. Additionally the Ontario Board of Funeral Services has outlined how all prepaid funeral contracts must be organized. Read more

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Can I be Cremated if I’ve had Hip or Knee Replacement?

funeral preplanning Mississauga Oakville

“Can I be cremated if I’ve had hip or knee replacement?” is a reasonable question and the answer is yes! Increasing people are choosing cremation as their choice of disposition. According to the Board of Funeral Services Ontario Quick Facts 2103, of the 93,102 registered deaths in 2013, 56,294 or 60.46% of the disposition was cremation. These figures are provided by the Office of the Registrar General and data from 2014 is not available. Read more

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Disabled Beneficiaries – Would a Henson Trust Benefit your Situation?

funeral preplanner Mississauga Ontario

Many Canadians are aware of the importance of having a valid will and powers of attorney document, yet, the importance of these documents is vastly underestimated in the special needs arena. Careful estate planning is necessary if persons with disabilities are to become beneficiaries of an estate. Individuals who live in Ontario should consider taking advantage of the Henson Trust when planning for their beneficiaries, who are recipients of ODSP benefits. Read more

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What to do Next When a Loved One Dies in Hospital

funeral preplanner Mississauga Oakville

I have had this question from a few people who have attended my seminars… “If my loved one dies in the hospital – what do I do next?”  The answer is – Your first call is to the Funeral Home.

The Funeral Home will ask you some initial questions and fill out what is called a First Call Sheet. The information needed will be: Read more

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What is a Coroner’s Certificate? 4 Situations Where it’s Required

coroner certificate Ontario

Many clients have asked me what a Coroner’s Certificate is and why they need it. Here are 4 situations where it is required.

1. Cremation application

Under the authority of the Coroners Act R.S.O. 1990 C.C. 37 a Coroner will investigate the death of all people who wish to be cremated. The Coroner’s signature is required on all Cremation applications. This is necessary as the Coroner has the highest authority in the province and must sign a cremation application to authorize the cremation of the deceased. The Coroner is literally signing off that the deceased did not die of a suspicious or unusual circumstance that would require further investigation. Read more